Endeavour Mining : Technical Report

Teranga Gold Corporation

Sabodala-Massawa Project

Pre-feasibility Study

National Instrument 43-101 Technical Report

5139-GREP-000

August 21, 2020

Sabodala-Massawa Project

Pre-feasibility Study

National Instrument 43-101 Technical Report

DATE & SIGNATURE PAGE
Project Name:	Sabodala-Massawa Project
Title of Report:	NI 43-101 Technical Report
Location:	Senegal
Date of Report:	21 August 2020

[SIGNATURES ON FILE]	DATE
Manochehr Oliazadeh, P.Eng. (Lycopodium Minerals Canada Ltd.)	21 August 2020
Sindy Cheng, P.Eng. (Lycopodium Minerals Canada Ltd.)	21 August 2020
James Christopher Lane, RpGeo AIG, RPEQ, MAusIMM, CGeol. (L&MGS Pty Ltd)	21 August 2020
Graham E. Trusler, MSc, Pr Eng, MiChe, MSAIChE (Digby Wells Environmental Ltd.)	21 August 2020
Patti Nakai-Lajoie, P.Geo. (Teranga Gold Corporation)	21 August 2020
Stephen Ling, P.Eng. (Teranga Gold Corporation)	21 August 2020

Sabodala-Massawa Project

Pre-feasibility Study

National Instrument 43-101 Technical Report

5139-GREP-000

Table of Contents

				Page
1.0	SUMMARY		1.1
	1.1	Introduction	1.1
	1.2	Project Ownership and Location	1.1
	1.3	History		1.2
		1.3.1	Sabodala Property	1.2
		1.3.2	Massawa Property	1.3
		1.3.3	Past Production at Sabodala	1.3
	1.4	Geology and Mineralization	1.4
	1.5	Exploration Status	1.6
	1.6	Mineral Resources	1.6
	1.7	Mineral Reserves	1.10
	1.8	Mining		1.12
		1.8.1	Open Pit Mining	1.12
		1.8.2	Underground Mining	1.13
		1.8.3	LOM Production Schedule	1.13
	1.9	Metallurgy	1.17
	1.10	Process Plant	1.18
	1.11	Services and Infrastructure	1.22
		1.11.1	Existing Infrastructure	1.22
		1.11.2	Power Supply	1.23
		1.11.3	Water Supply	1.23
		1.11.4	Tailings Storage Facility	1.24
		1.11.5	Site Water Management	1.24
		1.11.6	Accommodation	1.25
	1.12	Environmental and Social Impact	1.26
	1.13	Capital and Operating Costs	1.27
		1.13.1	Capital Costs	1.27
		1.13.2	Operating Costs	1.29
	1.14	Economic Analysis	1.31
	1.15	Conclusions and Recommendations	1.33
		1.15.1	Conclusions	1.33
		1.15.2	Recommendations	1.34
2.0	INTRODUCTION		2.1
	2.1	Report Background and Contributors	2.1
	2.2	Authors and Responsibilities	2.2
513916.045139-GREP-001_0 - aaTOC	August 2020
				Lycopodium

Sabodala-Massawa Project

Pre-feasibility Study

National Instrument 43-101 Technical Report

5139-GREP-000

Table of Contents

				Page
	2.3	Site Visits		2.2
	2.4	Declaration	2.3
	2.5	Abbreviations	2.4
3.0	RELIANCE ON OTHER EXPERTS	3.1
	3.1	Legal Standing of Tenement	3.1
4.0	PROPERTY DESCRIPTION AND LOCATION	4.1
	4.1	Property Location	4.1
	4.2	Land Tenure	4.2
		4.2.1	Sabodala Mining Concession	4.4
		4.2.2	Sabodala Regional Land Package	4.4
		4.2.3	Massawa Mining License	4.7
		4.2.4	Massawa Regional Land Package	4.7
	4.3	Existing Environmental Liabilities	4.7

5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND

PHYSIOGRAPHY	5.1
5.1	Physiography	5.1
5.2	Accessibility	5.1
5.3	Climate	5.1
5.4	Surface Rights for Mining Operations, Water, Power and Labour	5.1

6.0	HISTORY		6.1
	6.1	Sabodala Property	6.1
	6.2	Massawa Property	6.4
	6.3	Past Production at Sabodala	6.13

7.0	GEOLOGICAL SETTING	7.1
	7.1	Regional Geology	7.1
		7.1.1	Regional Structural Setting	7.3
		7.1.2	Regional Surficial Geology	7.5
		7.2.2	Sabodala Mining Concession	7.7
		7.2.3	Massawa Mining License	7.17
		7.2.5	Bransan Lot A Permit	7.34
		7.2.6	Bransan Lot C Permit	7.35
513916.045139-GREP-001_0 - aaTOC	August 2020
				Lycopodium

Sabodala-Massawa Project

Pre-feasibility Study

National Instrument 43-101 Technical Report

5139-GREP-000

Table of Contents

				Page
		7.2.7	Sounkounkou Permit	7.37
		7.2.8	Massawa Exploration Permit	7.40
8.0	DEPOSIT TYPES		8.1
9.0	EXPLORATION		9.1
	9.1	Introduction	9.1
	9.2	Exploration Approach	9.1
	9.3	Exploration Status	9.3
	9.4	January 2016 to December 2019 Exploration	9.5
		9.4.1	Sabodala Mining Concession	9.5
		9.4.2	Regional Land Package (RLP)	9.7
	9.5	Exploration Potential	9.9
10.0	DRILLING		10.1
	10.1	Summary		10.1
	10.1	Drilling Methods - Teranga	10.2
		10.1.1	Reverse Circulation Drilling	10.3
		10.1.2	Diamond Drilling	10.3
		10.1.3	Rotary Air Blast Drilling	10.4
		10.1.4	Data Management	10.5
	10.2	Drilling Methods Barrick/Randgold	10.5
		10.2.1	Reverse Circulation Drilling	10.5
		10.2.2	Diamond Drilling	10.7
		10.2.3	Other Drilling Methods	10.7
		10.2.4	Data Management	10.7
	10.3	Sabodala Mining Concession	10.7
		10.3.1	January 2016 to December 2019	10.16
	10.4	Massawa Mining License and Exploration Permit	10.18
	10.5	Sabodala Regional Land Package (RLP)	10.24
		10.5.1	January 2016 to December 2019	10.26
11.0	SAMPLING PREPARATION, ANALYSES AND SECURITY	11.1
	11.1	Introduction	11.1
	11.2	Sample Preparation	11.1
		11.2.1	Sabodala	11.1
513916.045139-GREP-001_0 - aaTOC	August 2020
				Lycopodium